Kohl’s put volume heavy and directionally bearish

Bearish flow noted in Kohl’s (KSS) with 26,037 puts trading, or 6x expected. Most active are 1/24 weekly 12.5 puts and 1/24 weekly 12 puts, with total volume in those strikes near 11,600 contracts. The Put/Call Ratio is 2.11, while ATM IV is up nearly 5 points on the day. Earnings are expected on March 18th.